Oct 16, 2024Blue Diamond Growers reports mixed results for almond shipments and market trends
Blue Diamond Growers released its October market update, reporting mixed results for almond shipments and market trends.
Total industry shipments for the second month of the crop year reached 213.6 million pounds, a 27% increase from last month but 2% lower than the same period in 2023. Exports, which rebounded to 157.6 million pounds, drove the increase with a 48% surge month-over-month. However, domestic shipments saw an 11% year-over-year decline, totaling 55.9 million pounds, according to Blue Diamond Growers’ update.
“While total shipments have fallen short of expectations, prices have remained stable, with demand likely to increase ahead of the holiday season,” said Laura Gerhard, vice president at Blue Diamond Growers, in the update.
The report also noted that export performance varied by region. Shipments to India fell 13% from last year, while China saw an 11% increase, buoyed by strong demand during the Mid-Autumn Festival. Meanwhile, shipments to the Middle East surged 110% over the previous year, driven by Ramadan preparations.
Domestic sales remained slow, with new sales up 8%, but total commitments down nearly 19% compared to last year. Buyers are cautious, adjusting to firming prices as they anticipate future demand.
After two months of harvest, crop receipts totaled 1.04 billion pounds. While southern yields have been lower than expected, northern and central regions are faring better. It remains to be seen if the 2024 crop will exceed 2.8 billion pounds, but industry stakeholders may have a “clearer picture by January” Gerhard shared in the report.
Despite shipment challenges, “prices have held firm, indicating that supply is more in line with demand,” according to Gerhard.
